Bean Meal Drops as Hedgefunds Dump Long Positions

Bean Meal traders slashed long position in futures and options and added to short positions, which provided the backdrop for lower prices.  The USDA’s report that farmers plan on increasing the acreage allocated to soy beans, added to the weight of the current high levels of inventory, which pushed prices through trend line suport paving the way for bean meal to test lower levels.

Hedge fund traders…